How to protect retirement savings against inflation
Access government benefits
If you’re eligible, make sure to claim the CPP (or QPP ), the OAS and the Guaranteed Income Supplement (GIS)Opens in a new window. These government benefits can help top up other retirement income streams like personal savings and investments and workplace savings.
Re-examine your budget
A great place to start is by seeing what expenses can be scaled back, and if there are any that can be cut out of your budget completely. You can review bank statements, check your banking app or online accounts more frequently, or perhaps keep a written record of everything you spend over a month. This might help to spot money spent on things like take-out, coffee, subscriptions to streaming services or other online services you may have forgotten about, or other small costs that can quickly rack up.
Continue to save for retirement
Finally, make sure to keep contributing to your retirement savings, even if it’s a little less each month while you adjust to inflation. Even small amounts can add up over time to help you enjoy the retirement you’ve always dreamed about.
Ask your advisor about how you can manage your retirement plan around inflation.
If you’re a member of a Canada Life workplace plan, our health and wealth consultants or retirement consultants can help.
This material is for information purposes only and shouldn’t be construed as providing legal or tax advice. Every effort has been made to ensure its accuracy, but errors and omissions are possible. All comments related to taxation are general in nature and are based on current Canadian tax legislation and interpretations for Canadian residents, which are subject to change. For individual circumstances, consult with your tax, legal or accounting professionals. This information is provided by The Canada Life Assurance Company and is current as of date of publication.